Pier 88 Investment Partners LLC Buys 4,960 Shares of ITT Inc. (NYSE:ITT)

Pier 88 Investment Partners LLC increased its stake in shares of ITT Inc. (NYSE:ITT) by 190.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 7,560 shares of the conglomerate’s stock after buying an additional 4,960 shares during the period. Pier 88 Investment Partners LLC’s holdings in ITT were worth $977,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of ITT. Norges Bank acquired a new stake in ITT during the fourth quarter worth approximately $102,709,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in ITT by 73.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 681,839 shares of the conglomerate’s stock worth $92,751,000 after purchasing an additional 288,671 shares during the last quarter. BNP Paribas Asset Management Holding S.A. boosted its stake in ITT by 139.7% in the 4th quarter. BNP Paribas Asset Management Holding S.A. now owns 393,168 shares of the conglomerate’s stock valued at $46,912,000 after purchasing an additional 229,109 shares during the period. Westfield Capital Management Co. LP grew its holdings in ITT by 12.5% in the 1st quarter. Westfield Capital Management Co. LP now owns 723,617 shares of the conglomerate’s stock valued at $98,434,000 after buying an additional 80,652 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in ITT by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 8,463,809 shares of the conglomerate’s stock worth $1,009,902,000 after buying an additional 65,173 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ITT. KeyCorp upped their price target on shares of ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Stifel Nicolaus increased their target price on shares of ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, TD Cowen lifted their price target on shares of ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $151.00.

ITT Price Performance

ITT stock opened at $129.05 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.10 and a current ratio of 1.55. ITT Inc. has a 52 week low of $91.94 and a 52 week high of $149.65. The stock has a market capitalization of $10.62 billion, a P/E ratio of 25.30, a price-to-earnings-growth ratio of 1.81 and a beta of 1.40. The stock has a fifty day moving average of $134.42 and a 200-day moving average of $131.97.

ITT (NYSE:ITT) last posted its earnings results on Thursday, August 1st. The conglomerate reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.03. The firm had revenue of $905.90 million during the quarter, compared to analysts’ expectations of $916.38 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.33 earnings per share. On average, sell-side analysts expect that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.319 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.28 annualized dividend and a dividend yield of 0.99%. ITT’s dividend payout ratio (DPR) is presently 24.90%.

About ITT

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.